Cryptocurrency Q&A
Why is KuCoin illegal in US?
Why is KuCoin illegal in US?
alexander_watson_astronaut
Thu Jun 06 2024
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5 answers
1196
Could you possibly explain to me the reasons why KuCoin is considered illegal in the United States? I'm particularly interested in understanding the legal frameworks and regulatory issues that lead to this conclusion. Is it because of the nature of the cryptocurrencies traded on the platform? Or is it due to KuCoin's operations and business practices that violate US laws? I'd appreciate it if you could elaborate on the specific laws or regulations that KuCoin violates in the US context. Thank you for your insights and clarification on this matter.
5 answers
GalaxyGlider
Sat Jun 08 2024
The complaint alleges that KuCoin, a cryptocurrency exchange, engaged in the offering and execution of commodity derivatives and leveraged, margined, or financed commodity transactions in the United States.
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Valeria
Sat Jun 08 2024
This activity purportedly took place from approximately July 2019 to June 2023, a period that saw significant growth in the cryptocurrency market.
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EthereumEmpire
Sat Jun 08 2024
During this time, KuCoin allegedly failed to implement the required know-your-customer (KYC) compliance procedures, which are designed to ensure that exchanges comply with anti-money laundering and counter-terrorism financing regulations.
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SsamziegangSerenadeMelodyHarmony
Fri Jun 07 2024
KYC procedures typically involve verifying the identity and residency of customers, as well as understanding the source of their funds. Failure to implement these procedures can expose exchanges to legal and regulatory risks.
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ShadowFox
Fri Jun 07 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures, and wallets. Its platform provides users with a secure and compliant environment for trading cryptocurrencies.
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